Mukesh Ambani's Reliance Jio has been planning disrupt fintech by entering into Point of Sale (PoS) industry with its own PoS devices.

Mukesh Ambani has fuelled Reliance Jio with his great capabilities following which the telecom firm turned profitable within 15 months of its launch.&nbsp | &nbspPhoto Credit:&nbspRepresentative Image

New Delhi: Mukesh Ambani, the billionaire Chairman of Reliance Industries Ltd, after shaking the Indian telecom industry with the new-age disruptive telecom venture Reliance Jio Infocomm Ltd has now planning to disrupt fintech industry. Mukesh Ambani has fuelled Reliance Jio with his great capabilities following which the telecom firm turned profitable within 15 months of its launch. Now after two-and-half-years in the industry, Reliance Jio has become the third-largest telecom player in India with more than 200 million mobile subscribers.

According to an ET report, Reliance Jio has been planning disrupt fintech by entering into Point of Sale (PoS) industry with its own PoS devices and for the same purpose, Jio has teamed up with the FMCG behemoth Hindustan Unilever Ltd for acquiring merchants. Reliance Jio’s PoS devices have QR code scanner and accept wallets such as Jio Money, BHIM, at present, ET reported. Going forward, other wallets will be added, the newspaper report said.

For obtaining Reliance Jio’s PoS devices, merchants will be required to deposits Rs 3,000 following which they would be able to access loan against card receivables, the ET report said, adding, the merchant discount rate (MDR) would be zero for all debit and credit card transactions up to a value of Rs 2,000.

It is believed that, Reliance Jio has launched its PoS services on pilot basis in six cities including Mumbai, Bengaluru, Kolkata, Chennai, Pune and Hyderabad, ET reported citing an unidentified industry source. With the said move of entering into PoS services, Reliance Jio is set to compete with the existing fintech players and leading banks in PoS services such as State Bank of India, HDFC Bank, Axis Bank, ICICI Bank and others.

According to the Reserve Bank of India PoS statistics, India has 3.39 million PoS devices at the end of September 2018. On these devices, a total of Rs 46,100.7 crore and Rs 45,841.1 crore had been transacted through credit and debit cards.

Mukesh Ambani plans to disrupt fintech: Reliance Jio partners with HUL, enters PoS businessDescription:Mukesh Ambani's Reliance Jio has been planning disrupt fintech by entering into Point of Sale (PoS) industry with its own PoS devices.Times Now